Conclusion

The WTO Valuation Agreement is fifteen years old at the time of writing. It is applied by the 153 WTO Members, representing all levels of economic development, to the full variety of their import trade transactions. If one takes into account the predecessor GATT Valuation Code, these valuation rules have been in use in international practice for over thirty years. What then do WTO Members think of the Agreement? What are its major failings, if there are any, and what improvements can be made? What is the future for common customs valuation rules?